Overland Storage Receives Staff Determination Notice From Nasdaq
21 Diciembre 2009 - 4:15PM
PR Newswire (US)
SAN DIEGO, Dec. 21 /PRNewswire-FirstCall/ -- Overland Storage, Inc.
(NASDAQ:OVRLD) announced today that on December 15, 2009 it
received the expected written notification (the "Staff
Determination") from The Nasdaq Stock Market, Inc. ("Nasdaq") that
because the company has not regained compliance with the minimum
market value of publicly held shares ("MVPHS") of $15 million
requirement set forth in Nasdaq Listing Rule 5450(b)(1)(C) by the
December 14, 2009 expiration of the 90-day compliance period for
this requirement, the company's common stock would be delisted from
The Nasdaq Global Market unless the company requests an appeal of
this determination to a Nasdaq Hearings Panel (the "Panel") no
later than 4:00 p.m. Eastern Time on December 22, 2009. On December
18, 2009, the company requested such an appeal, which request
automatically delayed the delisting of the company's common stock
at least until the Panel issues a decision. The Panel has the
discretion to grant the company an exception for up to 180 days
after the Nasdaq Staff's initial delisting decision to regain
compliance with the continued listing standards of The Nasdaq
Global Market. The company can provide no assurance that the Panel
will grant the company such an exception. About Overland Storage
Overland Storage provides affordable end-to-end data protection
solutions that are engineered to store smarter, protect faster and
extend anywhere-across networked storage, media types, and
multi-site environments. Overland Storage products include
award-winning NEO SERIES® and ARCvault® tape libraries, REO SERIES®
disk-based backup and recovery appliances with VTL capabilities,
Snap Server® NAS appliances, and ULTAMUS® RAID high-performance,
high-density storage. Overland sells its products through leading
OEMs, commercial distributors, storage integrators and value-added
resellers. For more information, visit Overland's web site at
http://www.overlandstorage.com/. Overland, Overland Storage, REO
Series, REO, NEO Series, ARCvault, ULTAMUS and Snap Server are
trademarks of Overland Storage, Inc. DATASOURCE: Overland Storage,
Inc. CONTACT: Kurt L. Kalbfleisch, CFO, +1-858-495-4211, , or
Patricia Workman, Director, Investor Relations, Mobile
+1-510-386-6558, Direct, +1-858-495-4137, , both of Overland
Storage Web Site: http://www.overlandstorage.com/
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